Volatility makes the first jump

With the indexes slipping consistently lower across the day, the VIX has begun a new up cycle. The VIX closed +11% @ 14.21  Near term trend looks bullish, although a brief drop to the mid 13s is viable Thursday. VIX 20s look increasingly very likely this month.


VIX'60min

VIX'daily3

Summary

We saw a touch of the upper bollinger band on the daily chart in the 14.60s, before that closing hour index action cool the VIX down a little.

The daily 10MA will offer primary support - that is now in the 13.30s..and should be turning upward tomorrow..and start to soar by the Friday close.

The immediate downside viable on the sp' is somewhere in the 1540/25 area. That is a little wide, but the 1520s might equate to VIX 17/18s on a brief spike.
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more later...on the indexes